Pakistan has issued $3 billion through a dual-tranche Eurobond transaction, the largest-ever international bond issuance by the country in a single transaction, the Ministry of Finance said on Thursday. According to the post on X, “The transaction attracted nearly $6 billion in orders — almost twice the amount issued — from a broad and diversified base of institutional investors across global markets and continents,” the ministry said. It described the transaction as “a major milestone in Pakistan’s renewed and increasingly diversified access to international capital markets”, saying it demonstrated “strong investor confidence” and the country’s ability to access global funding markets “at significant scale”. Under the transaction, Pakistan issued "$1.75 billion through a 5½-year Eurobond carrying a 7.50% coupon, while a further $1.25 billion was raised through a 10-year Eurobond with a 7.90% coupon. The ministry said total issuance stood at $3 billion, while global demand was “nearly $6.0 billion”. “The competitive pricing across both maturities, together with strong demand extending to the 10-year tenor, demonstrates Pakistan’s ability to mobilise sizeable longer-term financing,” it said. The ministry said the transaction’s significance “goes well beyond the amount raised”, describing it as an important milestone in Pakistan’s broader “Road to Market” strategy. 𝘕𝘖𝘛 𝘍𝘖𝘙 𝘙𝘌𝘓𝘌𝘈𝘚𝘌, 𝘗𝘜𝘉𝘓𝘐𝘊𝘈𝘛𝘐𝘖𝘕 𝘖𝘙 𝘋𝘐𝘚𝘛𝘙𝘐𝘉𝘜𝘛𝘐𝘖𝘕 𝘐𝘕, 𝘖𝘙 𝘐𝘕𝘛𝘖, 𝘛𝘏𝘌 𝘜𝘕𝘐𝘛𝘌𝘋 𝘚𝘛𝘈𝘛𝘌𝘚, 𝘈𝘜𝘚𝘛𝘙𝘈𝘓𝘐𝘈, 𝘊𝘈𝘕𝘈𝘋𝘈 𝘖𝘙 𝘑𝘈𝘗𝘈𝘕. 𝗣𝗮𝗸𝗶𝘀𝘁𝗮𝗻 𝗜𝘀𝘀𝘂𝗲𝘀 𝗥𝗲𝗰𝗼𝗿𝗱 𝗨𝗦$𝟯 𝗕𝗶𝗹𝗹𝗶𝗼𝗻 — 𝗦𝗶𝗻𝗴𝗹𝗲… — Ministry of Finance, Government of Pakistan (@Financegovpk) September 2, 2026 It said the issuance was the first under Pakistan’s renewed strategic Global Medium-Term Note (GMTN) Programme, following the successful inaugural Panda Bond and improvements in the country’s sovereign credit profile. “The objective is not simply to raise additional debt,” the ministry said, adding that Pakistan was pursuing “a broader strategy of active sovereign liability management” by diversifying financing sources, extending maturities, reducing refinancing and rollover risks, and creating opportunities to replace shorter-term and more expensive obligations with longer-duration, competitively priced financing where economically beneficial. The ministry said Pakistan had already pursued “substantial early retirement of domestic debt ahead of maturity” and that extending the same discipline to external financing was part of the objective. “Borrow better. Extend maturities. Diversify funding. Reduce refinancing risk. Improve the sovereign debt profile,” it said. The Ministry of Finance also credited the Debt Management Office for its “pivotal role” in delivering the transaction. It said the government appreciated the work of the joint bookrunners — Citi, Deutsche Bank, Emirates NBD, MUFG and Standard Chartered — in managing and executing the transaction, while also acknowledging the support of other stakeholders, including legal counsels. The ministry said Pakistan’s improving economic trajectory over the past three years had been recognised through successive sovereign credit-rating upgrades and renewed access to international capital markets. “Now global investors have reinforced that assessment with billions of dollars of actual capital,” it said. “The depth of the order book, its geographically diversified institutional investor base, and substantial demand for a 10-year Pakistan sovereign instrument” provided “a powerful market-based signal of renewed confidence in Pakistan’s medium- and long-term trajectory”, according to the ministry. Read: ADB, AIIB back Pakistan’s first Panda bond for green infrastructure project It said the journey was not complete, with fiscal discipline, structural reforms, export competitiveness, investment and productivity improvements to continue and deepen. “But Pakistan enters the next stage from a materially stronger position than three years ago,” the ministry said, describing the progression as “Crisis to Stabilisation, Reform, Credibility, Ratings Upgrades, Investor Confidence to Global Capital”. “Three years of rebuilding credibility; nearly $6 billion of global investor demand, and a record $3 billion issued in a single transaction” marked “a landmark moment in Pakistan’s journey from economic stabilisation towards sustainable growth and a stronger platform for the road ahead”, the ministry concluded. FinMin says $3b Eurobond marks renewed confidence in Pakistan Finance Minister Muhammad Aurangzeb on Thursday said Pakistan had issued a $3 billion bond, with the dual-tranche Eurobond being the single largest transaction in the country’s history, Radio Pakistan reported. Speaking at the High-Level International Dialogue on Taxation for Fiscal Sustainability in Pakistan, organised by the Asian Development Bank (ADB) in Islamabad, Aurangzeb said the transaction reflected the external validation Pakistan had received from rating agencies. The finance minister noted that Pakistan had secured three credit-rating upgrades since April last year. He also highlighted the diversified nature of the investors, spanning Asia, the Middle East, Europe and the United States. He said the broad participation demonstrated renewed confidence of the international community in Pakistan’s economy. #Live https://t.co/qOYbKeW2Cq — Radio Pakistan (@RadioPakistan) September 3, 2026 The finance minister said Pakistan was also looking at Sukuks, rupee-denominated dollar-settled bonds and Panda Bonds. He said these instruments were aimed at repaying short-term expensive debt and reducing rollover risks. Aurangzeb underscored that there was a certain level of sustainability in terms of fiscal discipline. He said the fiscal deficit was now at a 22-year low and that the country had recorded three consecutive years of primary surpluses. Read more: Pakistan's maiden Panda bond oversubscribed five times He reaffirmed the government’s determination to pursue structural reforms to ensure that the country did not return to the boom-and-bust cycles of the past. He said the tax-to-GDP ratio had increased from 8.1 per cent to 10.3 per cent, stressing that there was more to do in this regard. Earlier, Federal Board of Revenue (FBR) Chairman Rashid Mahmood Langrial said the FBR had undertaken fundamentally game-changing reforms over the last two and a half years. He said the FBR had welcomed private-sector expertise and brought in third-party auditors. He added that the FBR was also launching IRIS 3.0, for which the design element had almost been completed.